If you are the owner of a property in Thailand or are simply renting your property, making sure it is adequately insured represents great peace of mind. It's easy to be complacent and put this to the back of your mind, but if you face losses then having property and contents insurance in place lessens the blow.
When you insure your home then there are a number of considerations for you to make. These can be summarised as follows:
1. The actual building. This entails the physical attributes which are in place such as the walls, ceilings, pathways, fixtures and fittings.
2. Contents. This is typically furniture and furnishings which remain in situ within the property.
3. Personal Effects. These are typically possessions which you can take outside of the home such as your laptop.
4. Personal Accident. This covers any accident that may arise and harms you or any of your family members.
5. Personal Legal Liability. If a third party is harmed as a result of your property then you may be liable. Also, if a third parties property is damaged by your property then you may too may be liable.
6. Workman's Compensation and Employers Liability. This provides cover for if your maid or driver either becomes sick or gets injured as a result of their work.
As we have seen there is far more to property and contents insurance than meets the eye. Once the above have been taken into consideration then it is key that you adequately insure. If you under-insure then you face only being indemnified partly by your insurer.